Karelian Diamond Resources (AIM: KDR), an Irish explorer, believes it is edging closer to identifying the source of a rare green diamond found in 2022. The company recently completed a series of follow-up excavations in Finland’s Kuhmo region and has collected 21 glacial till samples for analysis. Depending on the results of the mineral analysis, Karelian plans to initiate a drilling program during the winter to further investigate identified kimberlitic targets.
According to Karelian, the thickness of the glacial till increases to the northwest, near a swampy area that is currently inaccessible until the ground freezes. The company has excavated as close as possible to this region, where it believes the source of the kimberlite minerals and the green diamond may be located. Six potential kimberlite sites, previously identified through geophysical methods, are in the same zone, with excavation pits strategically placed to follow the trail of indicator minerals.
In parallel, the Dublin-based company is advancing other assets in Finland, including the Lahtojoki deposit, which could become the first diamond mine within the European Union. Karelian recently resolved legal disputes with local landowners and is now awaiting the Finnish National Land Survey’s decision to finalize the project boundaries. The company believes the Lahtojoki kimberlite pipe has the potential to become a profitable open-pit mine, containing valuable white diamonds, as well as pink and colored diamonds that could fetch prices up to 20 times higher than their colorless counterparts.
